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Repossession figures 'not that bad'

By Jonathan Dawes, Fri 8 Aug 2008 - Published in Mortgages

The number of people who have fallen behind with mortgage repayments or had their homes repossessed in the first half of 2008 is relatively small, according to the Council of Mortgage Lenders (CML).

Between January and June, the repossession rate was 0.16 per cent, up from 0.11 per cent in both halves of 2007.

The CML claims the rate is similar to what it was in the late 1990s and less than half the rate in the early 1990s.

Commenting on the figures, Michael Coogan, director general of CML, said: "The number of people facing difficulty needs to be kept in perspective. The good news is that most people are coping well and continuing to pay their mortgages in full."

He added people struggling to repay home loans should contact their lender as soon as possible.

Yesterday, the Bank of England announced it would hold the interest rate at five per cent.